In these unpredictable times we’re all looking for small business growth strategies that are going to put our businesses on firmer ground. Yet any small business strategy that’s focused primarily at expanding your business is a potential disaster in the making. The first thing to understand is growth is not in and of itself always what you want.
Think: if you’re currently exhausted, is more business going to help or impede you in your aspirations? Or, to put it another way, if you get increased business, can you handle the trouble?
In this regard, there’s no doubt small business marketing is a two-edged sword. It’s not obvious, but growing your business too far too fast is one of the most effective ways to seeing it founder when you least expect it to – just when you’re at your busiest and revenue is at its highest. Growing your business without paying attention to how you’re going to service it is a recipe for disaster.
My second point follows naturally from this: growth is isn’t what you need, even if you misguidedly want it.
What you actually desire – or ought to do, if you’re thinking things through – is profit growth. I mean, wouldn’t it be much better to be doing the same amount of work — or even less of it — but making more cash? I think the only rational answer to that is “yes”. With that in mind, I have 3 very straightforward profit growth strategies here for you that’ll increase your profits without needing you to bust a gut doing it.
To begin with, increase your prices. Yeah, I know. You can think of lots of reasons this won’t work. It will work, I promise you. Like it or not, practically no one really buys on price. As a matter of fact no one buys on price alone all the time, even if they claim they do. You might possibly be tempted to negate this. OK, so go ahead and walk down your street and then tell me how many people you can see who own the cheapest of every little thing just because it’s the cheapest available. And because of the nuts and bolts of these things, even a small rise in prices has a wildly disproportionate effect on profits (and a price-cut has a similarly disproportionate NEGATIVE effect on your profits, so take care). Don’t believe me? Have a go at it and see. If I’m spouting poppycock you can drop your prices again next week and tell everyone how stupid I am.
The SECOND thing is to concentrate not on new business but instead on your current customers and clients. Yes, you need A LITTLE new business, but the easiest sales and the biggest profits are to be uncovered in your current customer base. Most businesses simply don’t worry about this. The most typical reason customers and clients change their allegiance is lack of recognition. You can’t expect client loyalty if you give them anything to be loyal to. No matter what method you use to keep in touch with them, with Internet marketing, sales letters or even the humble phone, you will see an increase in your sales.
The 3RD piece of advice is quit selling and start serving. I know, it sounds like it does doesn’t make sense. But the thing is : if you’re selling, you’re pitching and not paying attention. And if you’re not listening to what your customers and clients desire and need, you’re missing out on a lot of opportunities to serve them better. And the greater service you deliver, the more money you’ll make. Wile these are just a few tips on how you can expand your business there are business growth experts such as Gabriel Bryan who can make your business earn you 10 times more than it does at the moment.